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Business Checking

Business checking that works for you...what could be better? Our Business Checking Account is very competitive and features:

  • Low account minimum balance of only $100
  • A tiered interest rate structure which increases with the account balance
  • Up to 300 free transactions each period
  • Low fee schedule for business accounts
  • Peace of mind that funds are insured up to $250,000 by the National Credit Union Share Insurance Fund

Managing your money has never been easier.  Set things right for your business by moving your business account to Michigan Schools and Government Credit Union.  Be free of the hassles, extra fees, and unreasonable requirements imposed by banks.

A business savings account is required in order to open this account.

Business Checking
TierAPY*Interest Rate
$0.01 - $24,999.99 0.100% 0.100%
$25,000 - $99,999.99 0.100% 0.100%
$100,000 - $249,999.99 0.150% 0.150%
$250,000 and higher 0.250% 0.250%

*APY = Annual Percentage Yield.


Organizational Checking

Designed specifically for non-profit businesses and community organizations—such as clubs, scouts, and sports groups—this account offers the flexibility needed for organizations that only perform a limited number of monthly transactions. This account features:

  • No monthly maintenance fee
  • Low account minimum balance of only $100 required 
  • Up to 100 free transactions per month
  • Peace of mind that funds are insured up to $250,000 by the National Credit Union Share Insurance Fund

Managing your group's money has never been easier.  Set your organization free from excessive fees and unreasonable requirements imposed by banks.  Bring your account to Michigan Schools and Government Credit Union, more than 800 other local organizations already have.

A business savings account is required in order to open this account.

Business Savings

The first step in getting the service you deserve is with a Business Savings Account at Michigan Schools and Government Credit Union. Not only does it open the door to the many convenient business solutions that we offer, this account also features:

  • Up to 50 free transactions each period
  • Low account minimum balance of only $100
  • Low fee schedule for business accounts
  • Peace of mind that funds are insured up to $250,000 by the National Credit Union Share Insurance Fund.

Managing your money has never been easier. Set your business on the right path to financial success by bringing your account here. Why pay high fees, face unreasonable requirements, and forfeit great service attitude somewhere else?


Health Savings Accounts

A Health Savings Account (HSA) is a savings product that allows you to pay for current health expenses and save for future qualified medical expenses with certain tax benefits.*  Begin setting things right with your health care expenses by opening a Health Savings Account.

HSAs are available to individuals covered by a High Deductible Health Plan (HDHP). Once you open an HSA, you may contribute up to the amount of your HDHP statutory limit. Your employer's contributions to your HSA are tax-free (if applicable), and you can deduct your own contributions to your HSA on your income tax return even if you do not itemize.*

2017 HSA Deductibles and Limits
Minimum DeductibleOut-of-pocket MaximumContribution Limit55+ Contribution
Single $1,300 $6,550 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000

Unlike contributions to a Flexible Spending Account (FSA), the balance of your HSA at the end of the year is carried over to the next year. You can withdraw money tax-free and penalty-free at any time for qualified medical expenses.** Don't wait! Open your Health Savings Account with Michigan Schools and Government Credit Union today to enjoy no setup fees, no monthly fees, and no minimum deposit requirements.

*Please consult a tax adviser for more information.**Members are responsible for ensuring that withdrawals are for qualified medical expenses.

 

Health Savings Account
APY*Interest Rate
0.600% 0.598%

*APY = Annual Percentage Yield. No Minimum Balance Required.

 


Simplified Employee Pension (SEP) Plan

Are you looking to provide a retirement program for your employees or yourself? Our Simplified Employee Pension (SEP) Plan may be the answer! SEP Eligibility Requirements:

  • Self-employed persons
  • Sole Proprietors
  • Partnerships
  • Small Businesses
  • Government Agencies
  • Corporations

Self-employed persons and any employees must be eligible for membership to have a SEP account with Michigan Schools and Government Credit Union. Employees who are eligible to participate in his or her employer's SEP plan must establish a Traditional IRA in which the employer will deposit SEP contributions.

Help others set their path to financial success right. If our SEP can benefit you or your employees, please contact a Member Service Representative for further details. The Simplified Employee Pension (SEP) is a retirement plan through which employers can make contributions to the Traditional IRAs of their eligible employees.

 

Business Loans

In cooperation with Michigan Business Connection (MBC), our business lending subsidiary, we offer a variety of financing solutions so you can set your business on the right track. From everyday expenses to facility expansions, we have a solution that’s right for your company. As always, you will experience the personal attention, competitive loan rates, and consultative approach that has been the longtime hallmark of Michigan Schools and Government Credit Union.

Our lending officers will work with you to determine which of our loan products will provide the best fit for your company’s situation. We can assist with:

  • Commercial real estate loans
  • Government-backed Small Business Administration (SBA) loans
  • Equipment financing
  • A working capital line of credit
  • Accounts receivable financing

For more details, call 586.263.8800, ext. 555 today!

 

 

Safe Deposit Box

What better way to plan for a natural disaster, fire, or robbery, than by keeping your valuables safe in one of our Safe Deposit Boxes. These secure boxes:

  • Can be rented in four convenient sizes (see below)
  • Are available at our Main Office in Clinton Township
  • May be accessed during regular lobby hours 

For more information, visit our Main Office or call 866.674.2848 today!

Box Size

Annual Rent

5" x 5" $35.00
3" x 10" $45.00
5" x 10" $55.00
10" x 10" $95.00

 

 


Night Depository

With our 24-hour Night Depository, you’ll never have to worry about getting to one of our offices before closing.

Night Depositories are conveniently located in the drive-thru areas of all our branches. Transactions are posted twice a day for your convenience.

 


Notary Public

We have Notary Officers at every Michigan Schools and Government Credit Union location who are ready to certify the authenticity of a signature on legal documents at no charge to our members.  This free service will help you promptly move your business along minus the hassles you may face elsewhere.

One more reason we are your one-stop financial management institution.

 


Signature Guarantee

Michigan Schools and Government Credit Union proudly offers both signature guarantee and medallion stamps on a legal or financial document to our members free of charge. Avoid hassles and fees from banks for this same service. 

The net worth of investments on the forms being signed cannot exceed $250,000.

For further questions, please contact a Member Service Representative.

 


Wire Transfer

Wire Transfers are a fast and safe way to move funds from one account to another anywhere in the world. Whether you are receiving or sending a Wire Transfer, please call 586.263.8800 so we can help you prepare everything you need to set up a transfer.

To wire funds from another U.S. Financial Institution to your account at Michigan Schools and Government Credit Union, please use this information:

Wire to Alloya Corporate FCU, Southfield MI
ABA # 2724-78075
Physical Address: 26555 Evergreen, Suite 125, Southfield, MI 48076 

Further Credit to Michigan Schools and Government Credit Union
Account # 272480173
Final Credit to (Member Name, Account Number, and Account Type)

Wire Transfers close at 4 p.m. Monday – Friday. Wire Transfer fees apply.

Benefits for Employees

For over 60 years, Michigan Schools and Government Credit Union has been providing working people with quality products and services without hassles. This is because we value people more than money and maintain financial stability and fairness you and your employees can depend upon. Because you deserve straightforward, expert assistance with your finances, we offer these free services for you and your employees:

  • Simplified Employee Pension (SEP) Plan: With a Simplified Employee Pension Plan, a Traditional IRA is established in which an employer deposits SEP contributions. Eligibility for SEPs include self-employed persons; sole proprietors; partnerships; small businesses; government agencies; and corporations. This is a reliable retirement plan for yourself and your employees!
  • Health Savings Account (HSA) : With a Health Savings Account, you and your employees can pay for current health expenses and save for future qualified medical expenses. HSAs are interest-bearing and available to those covered by a High Deductible Health Plan (HDHP). Employers’ contributions to a HSA are tax-free. The balance in a HSA is even carried over to the next year.
  • Auto, Homeowners, and Life Insurance: We offer discounted insurance programs for our members! You and your employees can receive special savings on a wide selection of coverages through AAA, Members Insurance, and CUNA Mutual Insurance. Automatic insurance payments can be made through your Michigan Schools and Government Credit Union account.

We also offer:

Other Business and Personal Products & Services:

 

Business Accounts Rates

Business Checking
TierAPY*Interest Rate
$0.01 - $24,999.99 0.100% 0.100%
$25,000 - $99,999.99 0.100% 0.100%
$100,000 - $249,999.99 0.150% 0.150%
$250,000 and higher 0.250% 0.250%

*APY = Annual Percentage Yield.

Organizational Checking
APY*Interest Rate
0.000% 0.000%

*APY = Annual Percentage Yield. $100 Minimum Balance Required.

Business Savings Account
APY*Interest Rate
0.150% 0.150%

*APY = Annual Percentage Yield. $100 Minimum Balance Required.

Minimum balance listed is to open an account and to earn the advertised APY. All rates and APYs are accurate as of today, and subject to change at any time. APY refers to Annual Percentage Yield. Fees may reduce earnings on accounts. For more information, please call 586.263.8800.


Business Calculators

Business Calculators

  • Financial Ratios - This calculator help you to zero in on areas of your business that may need attention. Areas such as solvency, liquidity, operational efficiency and profitability.

Investment Calculators

  • Investment Returns - There is more to investing than knowing your annual rate of return. Use this calculator to help you see how inflation, taxes and your time horizon can impact your bottom line.